finnCap, the leading adviser and broker to ambitious companies, has advised Maintel Holdings plc ("Maintel"; the "Company") on its proposed conditional acquisition of Azzurri Communications Group ("Azzurri") at an enterprise value of £48.5m. finnCap acted as nomad and broker for the reverse takeover and associated £24m equity raise via an accelerated bookbuild. The Company is also entering into a new £36 million debt facility with The Royal Bank of Scotland plc. The acquisition is subject to shareholder approval.
The transformational acquisition has a strong strategic and financial rationale and is expected to be immediately earnings enhancing.
Eddie Buxton, CEO of Maintel said:
"The placing was significantly over subscribed and we are delighted at the market's response to the proposed acquisition of Azzurri Communications. We were impressed with the finnCap team in respect of their hard work, problem solving capabilities and their ability to help deliver such a great end result. finnCap has been a trusted adviser of Maintel since 2009 when we have grown from a £10m market cap company to an expected £100m following this deal and we look forward to continuing to grow together."